Former Zurich Insurance CEO, Goldman lead director dies

The former head of Zurich Insurance and lead director of Goldman Sachs James Schiro has died at the age of 68, the bank said. The American citizen, who also served on the boards of Pepsico and Reva Medical, had retired from the bank's board in July after being diagnosed with multiple myeloma, a type of blood cancer.

"We are greatly saddened by the passing on August 13 of our former lead director, James Schiro. Our thoughts are with his wife and children," Goldman Sachs said on its Twitter feed on Friday. In 2002, Schiro became the first non-Swiss to lead Zurich Financial Services, later renamed Zurich Insurance. He spent seven years at the top and helped restore the then troubled insurer back to profitability. Before joining Zurich, Schiro served as chief executive of accounting firm PricewaterhouseCoopers. He was named lead independent director of Goldman Sachs in 2012.